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European Union lawmakers backed a draft law on Tuesday to implement the final leg of post-financial global bank capital rules, adding "prohibitive" requirements to cover risks from cryptoassets. The European Parliament's economic affairs committee approved a draft law to implement Basel III capital rules from January 2025, though backing several temporary divergences to give banks more time to adapt.
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"Banks will be required to hold a euro of their own capital for every euro they hold in crypto," said Markus Ferber, a centre-right German member of the committee.
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